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|Comment on CML gross lending estimate for May from Richard Pike, Phoebus Software|
|Monday, 27 June 2016|
Richard Pike, Phoebus Software sales and marketing director, says: “We should not be surprised at the figures estimated by the CML for gross lending today. Firstly, it was after all only the second month after the huge increase in lending in March, which pushed through transactions that may otherwise have made their way into April or May’s ‘normal’ activity. Secondly, it’s hard to ignore the impact of the EU referendum; there were obvious signs of caution before the vote, and we are most certainly heading into a period of greater uncertainty.
“There are so many variables, but in general it is likely that people will hunker down for the next few months, wait to see how the land lies and how the country manages its exit from the EU before making any big decisions. Many will also have to take stock to understand how the fall in the stock market affects their investments and pensions, which may also have a knock on effect on the housing market. The main thing now is that we need to get on an even keel as quickly as possible to bring some kind of stability across the country. Something I fear may take longer than any of us would like.”
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